The United States real estate market crisis seems to be moving to New Jersey. This poses a huge threat to one of the most densely populated parts of the country. Zillow, a real estate tracking authority states that New Jersey has the highest rates and shares of residential mortgages which are delinquent and in foreclosure compared to most of the states in America. However, recently, there has been a drop in delinquency and the rates of foreclosure. This shows the significant impact of post-crisis events coupled with fundamentals like high rates of employment, and the formation of households. Experts expect that this trend will continue as the industry embarks on resolving shortages and dealing with the growing number of markets and the affordability crisis. Visit Central Jersey Working Moms for more info.
Sentiments Regarding the Housing Market in New Jersey
Lawrence Yun, a chief economist at the “National Association of Realtors, argues that the housing shortages are bound to increase and likely to result in a housing emergency as long as the gap between housing demands and supplies continues to widen. However, economists find it highly unlikely that housing shortages are going to intensify. Research by Zillow and other economic reports show that houses prices are expected to rise and the selling conditions are bound to improve in future. These reports are reinforced by the fact that there are a huge number of empty houses being held off the market. The owners of these houses expect the prices for housing to go up, which will mean increased gains for them. Check out Crunhcbase to know more.
Although the real estate industry in New Jersey was adversely affected by the Great Recession, there are some towns that have high housing demands and excellent inventories. Many towns in New Jersey are bracing themselves for developments and new apartments. Prices in these towns have gone up in the recent months. The most notable trend in these towns is the access to transit. Each town is a few minutes from the NJ transit station, a major attraction for many prospective home buyers.
According to forecasts by capital economists, the real estate market will change because the high interest rates and low house prices expectations will contribute to more homes for sale. The high rates of job creation will also increase the demand for housing.
About Boraie Development
Boraie Development has an impressive track record of more than twenty years of real estate development. Sam Boraie is one of the most recognized real estate services in New Jersey. Boraie utilizes its own capital and private capital from sources like large banks to fund its projects. The firm is known for completing projects that are pleasing to tenants, residents, and partners who acknowledge their ownership commitment.